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As global warming causes abnormal climate problems around the world, everyone is paying attention to solutions for environmental issues. The automobile industry is also rapidly changing to address these challenges. Demand for cars that run on fossil fuels has decreased, while cars that run on alternative energy sources such as hydrogen and electricity have become more popular. Among them, electric vehicles (EVs) are growing fast in the global market.
The EV charging facility market is also expanding. According to Roland Berger, a German consulting firm, the global electric vehicle charging market is expected to grow from 55 billion dollars in 2023 to 325 billion dollars by 2030, a six-fold increase.
Investments related to electric vehicle charging technology are also brisk. Among them, there is EVAR, an electric vehicle charging solution that has been recognized for its growth potential by successfully attracting a series B investment of KRW 22 billion in July 2023.
EVAR has a slogan of “Life of an electric car without worrying about charging” and is focusing on developing solutions that help consumers avoid inconvenience in charging. It is a startup that provides comprehensive solutions for electric vehicle charging, from slow-speed electric vehicle chargers to self-driving charging robots such as Parky.
EVAR is recognized for its technology in the global market. At the Consumer Electronics Show (CES), the world’s largest IT exhibition held in Las Vegas, USA, it set a record as the first electric vehicle charger manufacturer to win five CES Innovation Awards for two consecutive years in 2022 and 2023.
We met Hun Lee, CEO of EVAR, which has grown rapidly since its establishment in 2018 and is active in the global market.
* He saw the fast-growing electric vehicle market and saw an opportunity for an EV charging solution.
Q. As the EV market grows rapidly, related technologies such as software and batteries are developed at a fast pace around the world. Why did you choose an electric vehicle charging solution among them?
EVAR originally started as a venture company within Samsung Electronics. As an in-house task at the time, I proposed and developed the world’s first electric vehicle automatic charging robot. In order to market and commercialize it in earnest, it was founded as a spin-off in 2018.
The electric vehicle market was growing faster than any other industry globally. In line with this, there was also an expectation that there would be many opportunities in the electric vehicle charging field.
*“Pangyo has a large number of talented people, which makes it easy to recruit workers. And there are many opportunities to enter the global market because there are various support programs of organizations.”
Q. In Pangyo Techno Valley, companies in various fields, such as autonomous driving sensors, AI data, batteries, and semiconductors, which correspond to future automobile technologies, are concentrated. But EVAR is the only startup developing a charging solution here. I wonder why you decided to move to Pangyo when you started your business.
We got our first office in Suwon, where Samsung Electronics’ headquarters are located, immediately after the spin-off. Then, as the number of employees increased to six, we moved to Pangyo. Now, there are 60 employees, so it has grown tenfold.
Recruitment was advantageous for us because Pangyo prides itself on skilled manpower. I think the decision to relocate our office to Pangyo was excellent because our employees are satisfied. They can utilize Pangyo’s diverse infrastructure.
Q. Your company is accelerating its entry into the global market as well as the domestic market. Have you received any support from Pangyo in your global expansion?
Our company won the CES Innovation Award for two consecutive years, last year and this year. In the process of entering the global market, several start-up support organizations in Pangyo helped us.
One of them is a program that provides an exhibition booth at the CES exhibition halls. Thanks to the program, I participated in the event by installing a booth in 2021 and 2022. For startup companies, it can be difficult financially to attend at their own expense. However, these support programs helped us a lot in entering the global market.
* “We want to become a company that goes one step further from its charging solutions and leads the electric vehicle era.”
Q. After participating in international events, it seems that EVAR’s technological prowess has begun to be recognized overseas. Also, it is impressive that Japan’s Orix showed interest in Series B investment. What is EVAR’s goal in the global market?
Our products are already dominating the Korean market. Following this, we believe that our company’s credit rating has improved in the global market as we have attracted investment from Japan this time. We will use this as a stepping stone to accelerate our entry into overseas markets.
In the long term, we want to become one of the leading charging solution companies not only in Korea but also in the world and establish ourselves as a leading company in the electric vehicle era.
Among overseas markets, which market is EVAR currently focusing on?
The first countries we target are the United States, Canada and Japan.
The reason is that the electric vehicle charging standards of these three countries are similar to those of Korea, and it is easy to export our domestically proven products.
Q. After the spin-off in 2018, you are rapidly growing into the global market. As a successful senior entrepreneur, please say something to future junior entrepreneurs.
It seems that the most important thing in starting a business is the business item. I think the initial idea is an important factor that influences more than half of the business success. The next thing seems to be how to do business with good people.
I think Pangyo is the best place in Korea to discover good talent. The government and local governments provide various support programs, so if you look hard, you will be able to start a business with good conditions.
Q. EVAR seems to have good business items and good people. Please tell us about your final goal.
It seems that my aspirations as the company’s representative are connected to the company’s growth. If the company grows well, advances into the global market, and even goes public, I think the employees who worked hard together will feel rewarded.